Another utility is one wildfire away from ruin with no fix in sight

As PG&E Corp. plunged into bankruptcy last month, S&P Global Ratings slashed credit grades almost to junk status for California’s two other big electric utilities, owned by Sempra Energy and Edison International, and said they could go lower. The reason: inverse condemnation. Under the state’s view of this legal doctrine, utilities can be held liable for any fires sparked by their equipment, even if they follow every safety rule.